Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-23-Speech-4-214-000"

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"en.20110623.37.4-214-000"2
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"Madam President, the first decade of economic and monetary union has shown the need to improve the economic governance framework. The new framework should be based on the greater responsibility of individual Member States for jointly agreed rules and policies, as well as a more reliable surveillance framework at EU level over national economic policies. The experience of the past two years in particular has confirmed that the achievement of strong competitiveness, sustainable economic growth and job availability requires a sustainable level of government deficit and debt, reforms to eliminate macroeconomic imbalances and a decisive EU strategy for growth and employment. I have to confess to a certain personal embarrassment over the introduction of administrative elements into the economic mechanisms. On the other hand, experience to date shows that market mechanisms are incapable of reacting quickly and flexibly to negative developments, the result of which is that a financial crisis turns into a debt crisis."@en1
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